Mid-market companies play a vital role as drivers of innovation in the economies of countries across the APAC & Europe region. Fast Fast Forward recently spoke with Laetitia Lebas to hear how AXA XL’s mid-market operations are meeting the needs of clients across the region.
Why is the mid-market in APAC and Europe such an important focus area for AXA XL?
Mid-market is part of our strategic plan. For almost two years now, the mid-market in the APAC region has been an area of particular focus for AXA XL. The mid-market is highly diverse, encompassing most industry sectors. This means clients often have very specialized risk and insurance needs but, at the same time, their size means they may not have risk management teams in-house.
And while their needs are individual, mid-market companies share some common characteristics when it comes to insurance and risk management requirements. Like their larger counterparts, mid-market companies must contend with an assortment of increasingly complex threats, including geopolitical instability, climate change, suppl- chain disruptions and cyber-attacks. That, in turn, helps contribute to the need for a more sophisticated understanding of the risk landscape and how it is continuously evolving. This is especially true if they operate internationally, as do many of the firms in this segment.
Our APAC & Europe mid-market operations currently cover Australia, Austria, Denmark, Italy, Netherlands, Norway, Portugal, Spain and Switzerland. We have expertise on the ground and colleagues who understand both specific needs of these local markets and the international context in which these companies operate.
How is 九色视频working with clients and brokers to expand its offering to the mid-market and meet clients’ needs?
Clients in the middle market segment are looking for competitively-priced policies and flexible, agile underwriting. And because their size means that many mid-market companies do not have dedicated risk management departments or teams, the relationships they have with brokers on the ground are particularly important.
To meet their needs, we understand that we need to come up with solutions working in conjunction with local, expert brokers – often mid-sized or ‘national champion’ firms. By activating networks in this way and understanding the local cultural nuances and needs of clients, we can work with them and their brokers to develop relevant insurance solutions. AXA XL’s deep expertise in facilitating multinational solutions is another huge advantage here. We can help those multinational mid-market clients that operate across multiple territories by designing compliant, flexible tailored insurance programmes that suit their varied requirements, wherever they operate.
Despite some of the current geopolitical headwinds, many mid-market companies continue to look to expand overseas and the combination of our global footprint coupled with locally empowered underwriters and claims professionals, and strong relationships with national brokers, is enabling us to help our mid-market clients manage the risks of today and tomorrow. Mid-market firms also are adopting advanced technology like Artificial Intelligence, the Internet of Things and cloud computing to enhance their efficiency and competitiveness. That means we need to have lean processes to respond to their demand.
They are also investing heavily in green technologies and sustainable practices. AXA’s social, environmental and governance policies are integrated into our offering. And we continue to invest in superior client services, notably middle office and claims.
What are some of the major future risks facing middle-market clients?
Although there are, of course, risks that are specific to certain industries, or countries or even individual firms, there are some risks trends that all clients in this segment are experiencing – or will experience – to a greater or lesser degree. The effects of climate change, the risks associated with geopolitical instability and the omnipresent and evolving cyber threat, among others, are high on the agenda of mid-market companies, as they are for their larger counterparts.
In this era of polycrisis, where risks are emerging and evolving at a faster rate than maybe ever before, mid-market companies are looking for more from their insurer partners than simply a policy and payment of valid claims. They need risk insights and a future focus that can help them to anticipate changes ahead and prepare for, and prevent, risks.
Initiatives like our Digital Commerce Platform (DCP) and the risk-scanning tools embedding AI, can help our clients get a detailed and granular picture of where their assets may be at risk or fire or flood, for example, can enable them to be on the front foot when it comes to risk prevention.
